The draft law, which introduces a legal framework that "reinforces the sense of adequate capitalization of financial institutions", was approved by parliament with 153 votes in favor, none against and six abstentions.
The document was considered and approved during the second ordinary plenary session of the fourth legislative session that takes place this Friday in parliament.
According to the governor of the National Bank of Angola (BNA), José de Lima Massano, the legal instrument should "reinforce" the "free and healthy competition in the markets" based on the disclosure of financial institutions with "timely, accurate, comparable and credible information" .
José de Lima Massano said, during the presentation of the document to the deputies, that several principles contributed to the drafting of this law, namely that of "preventing the formation of parallel financial systems that escape the supervision of the competent authorities".
"Promoting and strengthening" the institutionalization of bank risk prevention and management mechanisms, "implementing macroprudential supervision", safeguarding the solidity of the principles and rules of exemption, transparency and integrity are the other principles that underlie the drafting of the law.
The Financial Institutions Act Regime extinguishes the National Financial Stability Council (CNEF), created in 2015, and creates the CSSF, which will be chaired by the governor of the central bank.
The CSSF exercises coordination functions between the financial system's supervisory bodies, in the exercise of the respective powers of regulation and supervision of financial entities and activities and assumes consultative functions with the BNA.
In addition to the creation of the CSSF, among the novelties in this law, emphasized José de Lima Massano, is the typification of mutual agricultural credit boxes aimed at strengthening mechanisms to promote agricultural credit.
The legal instrument also aims at improving the framework of microfinance companies to guarantee "greater dynamism in the financing of small and medium-sized companies, as well as increasing levels of financial inclusion".
"The law also seeks to strengthen the powers of regulation and supervision in prudential matters and financial conduct, as well as the cooperation relations of the national supervisory authorities", he stressed.
The "consecration of the regime for the dissolution and liquidation of financial institutions and the institutionalization of the Resolution Fund to Support the Implementation of Resolution Measures" are still among the purposes of this law.
The Financial Institutions Activity Regime Law will be discussed by the specialized working commissions of the Angolan parliament.
